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Everything you need to know about buying and selling real estate in Mexico, Puerto Vallarta, and the Banderas Bay region

Buying Property in Mexico

Accuracy of Market Data in Order to Have Fair Market Value

Those of us living in Mexico who are from other parts of North America probably take the concept of fair market value for granted.  We assume that this measure of value is used in other markets and other countries. Actually, it is not common outside of the USA or Canada to have sold market data.  In order to have information about sales prices and to adjust for differences in properties; data needs to be available. If we start out with the objective to have fair market value, where, do we as consumers normally go? There are no websites as in Canada and the USA such as Zillow and Trulia offering a large number of properties for sale as well as average sales prices by areas. 

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New Guidelines for Real Estate Agents

Evolution of the Property Market in Mexico

“Our real estate market has new challenges. The idea of working as an agent to sell property is easy and does not require any formal training or employment by any company, is now behind us. Today the Mexican market has its own rules.  The real estate professional cannot improvise these rules, but instead, he must stay up to date with the changes in order to offer a higher quality of service. Clients are becoming better educated. They are ready to ask many questions and can no longer be easily fooled.”

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Real Estate Professionals in Mexico

The AMPI Code of Ethics

What does the AMPI Code of Ethics say about loyalty of a real estate professional to his local organization and his colleagues? The real estate professional has an obligation to share his experience and knowledge with his colleagues. A real estate professional should not make comments with respect to business actions performed by another Real Estate Professional unless his opinion is official requested. Such opinion must be based on truth and not rumor.

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Transparency in Mexican Real Estate

Importance of Fair Market Value

Those of us living in Mexico from other parts of North America probably take the concept of fair market value for granted.  We assume that this measure of value is used in other markets and other countries. Actually, it is not common outside of the USA or Canada to have sold market data.  In order to have information about sales prices and to adjust for differences in properties, data must be available.

CONTINUE READING
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